Pure Gold to invest Dh500m, hire 2,000 staff

Firoz Merchant (Supplied)

Dubai-based jewellery retailer Pure Gold will invest half a billion dirham in its retail expansion and will add 2,000 staff in its bid to double the number of outlets, its chairman and founder said.

Present in 12 countries, the group aims to double its networking of 125 stores to 250 by 2020 by investing Dh400 million. It will also invest an additional Dh100 million in expansion of its sunglasses brand Lamoda by increasing the number of outlets from 15 to 50 by 2020 across the region, said Firoz Merchant.

“Our expansion is into the UAE and GCC by 2020; we are planning to expand business as much as we can in Dubai and UAE and also in GCC,” Merchant told Emirates 24l7 in a recent interview.

Merchant said the group will expand its existing workforce of 3,500 employees by more than 55 per cent as it will need another 2,000 staff to cater its retail expansion. The group own one factory each in India and China.

Pure Gold was recently awarded the “Most Consumer Friendly Retailer” in Dubai by the Department of Economic Development. The retailers were selected from seven segments, namely gold and jewellery, electronics, hypermarkets, furniture, retail, coffee shops and automobiles.

In order to tap opportunities arising from increased tourists arrivals at Expo 2020, the group will foray in to hospitality sector by opening one or two hotels in Dubai before the Expo 2020.

“We are in the process of opening one or two hotels by 2020 in Dubai; we’ll bring an international franchise of 4 or 5 star. After settling down in Dubai, we will certainly expand the hospitality business. We are trying to go into hotel business for this part of the world is growing and we know Dubai is tourist destination and is trying to provide best to the tourism,” said Merchant.

He said further details could be released after the completion of the feasibility study of the project.

According to the latest figures issued by Dubai’s Department of Tourism and Commerce Marketing, Dubai’s hospitality industry is set to add 140,000-160,000 keys by 2020 from 93,030 at the begging of this year.